The Budget statement was delivered today at 12.30pm by the Chancellor of the Exchequer, Philip Hammond.
The key highlights relating to transportation and housing are as follows:
- Ambitious plan to tackle the housing challenge
- £44bn of funding to support the housing market over the next five years
- 5 new garden towns to be built
- Pledge to build and extra 300,000 homes per year by the mid 2020’s (Biggest rate of house building since 1978)
- Urgent review into the gap between the number of planning permissions submitted and homes built
- New £34m fund to develop construction skills across the country
- With immediate effect, Stamp Duty for first time buyers abolished altogether (for properties up to £300,000) or first £300,000 on properties up to £500,000
- Pledge of a £1.7bn ‘Transforming Cities’ fund
- Further £300m to be invested for HS2
- New railcard for ages 26-30
- Air passenger duty rates frozen
Please note: This snapshot is not intended as an in-depth analysis of the Chancellor’s speech but we hope this brief summary helps you gain a quick grasp on the key points delivered. For full details you may wish to visit the HM Treasury website.